As a young, married Male, what kind of insurance should I purchase?

Hi Glen,

Wells as Zhe Liang mentioned the first priority is healthcare insurance, and the reasons are obvious as what Zhe Liang has mentioned.

The 2nd most important insurance to me, is Personal Accident Insurance. I think we tend to forget the nature of an accident, and that is... it's unplanned and it can happen anytime to anyone. So I think after you have your healthcare covered, please look into getting a personal accident policy.

Once those 2 are done, then let's start looking into whole life or term, policies, where these kind of polices cover death, total permanent disability, critical illness and early critical illness. The different between that a whole life covers the whole of your life, and a term covers only during a period that is specified by you.

The nature of insurance is to protect your wealth due to unforeseen circumstances, so I do see the importance of wealth protection policies.

Of course once you have those done, then you can start looking into wealth accumulation policies for your retirement with your wife or even for your kid's education. Education will only become costly in the future, so there is no harm starting as soon as your child is born.

These are just what I think are important based on the priorities and phases of life one goes through

First priority is always healthcare. The reason is simple - medical inflation hits 10% in 2019. Accordingly, a single medical treatment could potentially wipe out all your savings. To do this, it is always valued to have your own private integrated shield plan. Here is why: https://www.blog.pzl.sg/is-integrated-shield-pl...

After you have the basic foundation set up, you may consider a basic life insurance plan that covers for death, total & permanent disability, and most importantly for critical illness.

There are many options available in the market, therefore, take your time to understand which suits your needs. Here is a general comparison between a term and whole life insurance to help you with some basic understanding: https://www.blog.pzl.sg/term-vs-whole-life-insu...

Once you have a stable income, here is the general rule:

10% to 20% of your annual income on healthcare insurance and life insurance

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

Having mentioned that, this is a general guideline that may or may not work for you. The best way is always to have an in-depth understanding on your cashflow, current situation and future goals. It is only when we know you well enough, then it is appropriate to give you the best advice or suggestion that fits into your needs.

If you are open to understanding further on how I work with my clients professionally through comprehensive financial planning, drop me a coffee invite: https://www.work.pzl.sg/#coffee

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